Lithuania to be the 19th country to adopt "euro"

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Lithuania is set to be the 19th country to adopt the common currency euro beginning 1 January 2015.  

Points to Know

  • Presently 18 out of total 28 European Union countries have joined single currency union 'Eurozone'.
  • Apart from UK and Denmark, all other countries are required to join this union sooner or later.

What is Eurozone?

  • Its an economic and monetary union of 18 (so far) European countries with the euro as their common currency and sole legal tender.

Member countries of Eurozone

  • Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain

States still to join the union

  • There are 7 such countries namely - Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Sweden.
  • They will join once they meet the criteria to do so.

Non-member usage of Euro as currency

  • There are 3 nations - Monaco, San Marino, and Vatican City - who have signed formal agreements with the EU to use the euro and issue their own coins. 
  • Other states, like Kosovo and Montenegro, have adopted the euro unilaterally.
  • None of the above are considered part of the Eurozone.
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